British Steel Business Plan

Lord Redwood Excerpts

Monday 26th October 2026 Lords Chamber

Asked by

[Lord Redwood]

To ask His Majesty’s Government when they will publish a business plan for British Steel.

[The Parliamentary Under-Secretary of State, Department for Business and Trade (Lord Leong) (Lab)]

My Lords, on 16 July the Government took decisive action to nationalise British Steel, safeguarding our sovereign steel-making capability and skilled jobs. In September, we appointed Alan Lovell, an experienced business turnaround specialist, as chair. He and a new board are developing a credible transformation plan to secure British Steel’s long-term competitiveness and commercial sustainability. Key decisions are expected in the coming months and we anticipate publishing the plan once it has been agreed.

[Lord Redwood (Con)]

I am grateful to the Minister. When will the two ageing blast furnaces need to shut down for deep maintenance? What progress has been made with the development of plans for an electric arc furnace?

[Lord Leong (Lab)]

My Lords, maintaining safe and reliable blast furnace operations is an immediate priority. However, decisions on major maintenance and necessary shutdowns will be guided by detailed engineering assessments and operational requirements. The new board is also assessing future steel-making technologies, including electric arc furnaces, as part of its transformation plan. No final investment decision has been announced. Our priority is to preserve sovereign steel-making capability while securing a commercially viable, competitive and sustainable future for British Steel.